IRVINE, Calif., Feb. 19, 2015 /PRNewswire/ -- Netlist, Inc.
("Netlist" or the "Company") (NASDAQ: NLST), a leading provider of
high performance and hybrid memory solutions for the cloud
computing and storage markets, today announced it has priced an
underwritten public offering of 7,692,308 shares of its common
stock at a price to public of $1.30
per share. Additionally, the Company has granted the underwriter
the option to purchase up to an additional 1,153,846 shares of its
common stock to cover over-allotments, if any, at the price to
public. The offering is expected to close on or about February 24, 2015, subject to satisfaction of
closing conditions.
The total gross proceeds of the offering are expected to be
approximately $10.0 million. After
deducting the underwriter's discount and other estimated offering
expenses payable by Netlist, the net proceeds are expected to be
approximately $9.0 million. These
amounts assume no exercise of the underwriter's over-allotment
option. The Company intends to use the net proceeds of the offering
for general corporate purposes.
Craig-Hallum Capital Group LLC is acting as sole underwriter of
the offering.
A registration statement relating to shares of the common stock
of Netlist has been declared effective by the Securities and
Exchange Commission on October 18,
2011. This offering is being made by Netlist by means of a
written prospectus supplement forming part of the effective
registration statement. A copy of the final prospectus for the
offering may be obtained from Craig-Hallum Capital Group LLC at 222
South Ninth Street, Suite 350, Minneapolis, MN 55402, phone number (612)
334-6300, email: prospectus@chlm.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Netlist:
Netlist, Inc. designs and manufactures high-performance,
logic-based memory subsystems for server and storage applications
for cloud computing. Netlist's flagship products include
NVvault® and EXPRESSvault™ family of hybrid memory
products that significantly accelerate system performance and
provide mission critical fault tolerance, HyperCloud®, a
patented memory technology that breaks traditional performance
barriers, and a broad portfolio of industrial Flash and specialty
memory subsystems including VLP (very low profile) DIMMs and
Planar-X RDIMMs. Netlist has steadily invested in and grown its
worldwide IP portfolio, which now includes 88 issued and pending
patents in the areas of high performance memory and hybrid memory
technologies.
Netlist develops technology solutions for customer applications
in which high-speed, high-capacity, small form factor and efficient
heat dissipation are key requirements for system memory. These
customers include OEMs and hyperscale datacenter operators that
design and build servers, storage systems and high-performance
computing clusters, engineering workstations and telecommunications
equipment. Founded in 2000, Netlist is headquartered in
Irvine, CA with manufacturing
facilities in Suzhou, People's Republic
of China. Learn more at www.netlist.com.
Safe Harbor Statement:
This news release contains forward-looking statements
regarding future events and the future performance of Netlist.
These forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from those
expected or projected. These risks and uncertainties include, but
are not limited to, risks associated with the launch and commercial
success of our products, programs and technologies; the success of
product partnerships; continuing development, qualification and
volume production of EXPRESSvault™, NVvault™,
HyperCloud® and VLP Planar-X RDIMM; the timing and
magnitude of the anticipated decrease in sales to our key customer;
our ability to leverage our NVvault™ technology in a more diverse
customer base; the rapidly-changing nature of technology; risks
associated with intellectual property, including patent
infringement litigation against us as well as the costs and
unpredictability of litigation over infringement of our
intellectual property and the possibility of our patents being
reexamined by the United States Patent and Trademark office;
volatility in the pricing of DRAM ICs and NAND; changes in and
uncertainty of customer acceptance of, and demand for, our existing
products and products under development, including uncertainty of
and/or delays in product orders and product qualifications; delays
in the Company's and its customers' product releases and
development; introductions of new products by competitors; changes
in end-user demand for technology solutions; the Company's ability
to attract and retain skilled personnel; the Company's reliance on
suppliers of critical components and vendors in the supply chain;
fluctuations in the market price of critical components; evolving
industry standards; and the political and regulatory environment in
the People's Republic of China.
Other risks and uncertainties are described in the Company's annual
report on Form 10-K filed on March 18,
2014, and subsequent filings with the U.S. Securities and
Exchange Commission made by the Company from time to time. Except
as required by law, Netlist undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Company
Contact:
Gail M. Sasaki
Chief Financial
Officer
(949)
435-0025
|
Brainerd
Communicators, Inc.
Mike Smargiassi/Jenny Perales
(investors)
Sharon Oh
(media)
NLST@braincomm.com
(212)
986-6667
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/netlist-inc-announces-pricing-of-7692308-share-follow-on-offering-300038394.html
SOURCE Netlist, Inc.